IC Markets Review 2021 - The Good and the Bad

Updated Nov 15 2021

IC Markets Review 2021 - The Good and the Bad

IC Markets in a Nutshell

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73.59% of retail CFD accounts lose money

Overview

ICMarkets is an Australian broker with a global presence specialising in Forex trading. One of their greatest advantages is providing RAW spread accounts with interbank pricing.

Best For
  • Professional traders looking for Interbank rates
  • High volume traders that will save great amounts of costs with their low spreads and commissions
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The Good
  • Customisable leverage per asset before opening trades
  • Interbank rates and low commissions
  • Great platform variety
The Bad
  • Avaliable assets are limited (Also No ETFs)
  • No ability to purchase real stocks or cryptocurrencies, only CFDs
Status
Operational
Recent News
N/A
Key Data
⌛ Account Opening Time 1 Day
📋 Documents Required
  • Valid identity document (Passport, ID Card, etc)
  • Valid proof of residence document (Bank statement, utility bills)

All documents must be under the account holder's name.

🏛 Financial Regulators
Cyprus Securities and Exchange Commission
Australian Securities and Investments Commission
Financial Services Authority Seychelles
📍 Year Founded 2007
💳 Minimum Deposit $200
💰 Payment Methods
Visa
Mastercard
Bank Transfer
Bitcoin
Sofort
Neteller
Paypal
Skrill
💵 Account Base Currencies 10 - USD, GBP, EUR, AUD, CHF, JPY, HKD, CAD, SGD, NZD.
🗽 Available to U.S Citizens No
❌ Restricted Countries US, CA, IL.
📊 STP Account Yes
📊 DMA Account No
📊 ECN Account Yes
Assets
📚 Available Assets
Stocks
Cryptos
Commodities
Currencies
Indices
CFDs
📙 Stocks 1600 +
📘 Currency Pairs 61
📗 Commodities 22
📕 Indices 25
📔 ETFs N/A
💸 Cryptocurrencies 18
📒 Bonds 11
📓 Options N/A
📗 Futures 4
📝 Notes All ICMarkets assets are CFDs.
Trading Experience
📈 Minimum Stocks Trade Size Varies by Stock
📉 Minimum ETFs Trade Size N/A
📈 Minimum Crypto Trade Size Varies by Cryptocurrency (Eg: 0.01 BTC)
📉 Minimum FX Trade Size $1,000 - 0.01 Lots
📈 Minimum Commodities Trade Size Varies by Commodity (Eg: 0.01 Troy ounces of Gold)
📉 Minimum Bonds Trade Size Varies by Bond
📈 Minimum Futures Trade Size Varies by Future
📉 Minimum Options Trade Size N/A
💪 Retail Leverage Up to 1:30
💪 Professional Leverage Up to 1:500
✍ Customisable Leverage Yes
🎲 Deleveraged Trading No
🎓 Demo Account Yes
📱 IOS App Yes
📱 Android App Yes
📺 MetaTrader 4 Yes
📺 MetaTrader 5 Yes
💻 Web Trader Yes
💻 TradingView Platform No
💻 Proprietary Platform No
📊 Multi-chart tools Yes
👬 Copy Trading Yes
👫 Social Trading Yes
🔑 Guaranteed Stop-loss No
🔨 Trailing Stop-loss Yes
Fees
💰 Inactivity Fee No
💰 Deposit Fees No
💰 Withdrawal Fees No
💰 Commissions

No commissions in standard accounts but rather a 1 Pip spread markup on interbank prices received. For Raw spreads accounts, $7 per lot round turn.

Spreads
📈 EUR/USD Dynamic - From 0 to 0.6 Pips
📉 SP500 (CFD) Dynamic - From 20 to 45 Pips
📈 GOLD (CFD) Dynamic - From 30 Pips
📉 TSLA ( Stock CFD) Dynamic - Market Spread
📈 XLK (ETF - CFD) N/A
📉 BTC Dynamic - From $8.7 to $42
Research and Analysis
⭐ Watch Lists Yes
🔭 Stock Screener No
🗓 Economic Calendar Yes
📜 Integrated Newsfeed No
📡 Reuters Feed No

Compare IC Markets

Vs.

IC Markets in 60 seconds

IC Markets is an Australian broker founded in the year 2007 that specialised in currency (FX) trading and provides a multi-platform environment.

IC Markets Full Review

Here’s what we’ll talk about during our review: 

Is IC Markets Safe?

IC Markets is a safe and regulated broker that holds 3 financial licenses. Let’s go through each one of them:

When it comes to regulation, IC Markets its below its main competitors as only one of its 3 licenses is a top scored one (ASIC), but given the high reputation of the Australian regulator and the user reviews of this broker, their TTBTrust score ended up having a value of 6.8 out of 10.

For ICMarkets to increase their TTBTrust score, they must acquire other financial licenses from the highest ranked regulators and of course, not acquire any more low score licenses.

IC Markets Minimum Deposit and Withdrawal

ICMarkets has a minimum deposit requirement of $200 and does not charge any fees for adding funds. Here are their deposit and withdrawal methods:

It’s important to note that not all payment methods are available in all locations, there can always be some variations due to regulatory constraints.

Base Currencies

IC Markets supports the following base currencies:

A great positive point for IC Markets is that they don’t charge any withdrawal fees.

Deposit and Withdrawal Process

Being a multi-platform broker, ICMarkets offers their own account management dashboard (client area) where customers are able to perform anything account-related such as: opening new accounts, deposits and withdrawals, contacting support, etc.

To make a deposit or request a withdrawal, simply log in to your client area account from IC Markets website and check the left panel for the withdrawal and deposit options.

IC Markets Client Area

A very interesting point to note about this area is that we’re not a big fan at all of the “Downloads” area. This was our experience:

When you open any account with a MetaTrader or cTrader broker, it's a normal practise to receive an email with your login details for the platform and some download links along with web access as well. Here’s how that email looks:

IC Markets New MetaTrader Email

Our objective was to pretend we lost the email and try to log in to IC Markets web trader. The most obvious choice for us was of course looking through the website to try and find a “WebTrader” option. When we found it, it turned out that no matter how many times we tried to go around it, it ended up just pointing us to open a new account.

After more searching through the client area, we decided to contact support. One of IC Markets officer pointed us to the downloads area, which looks like this:

IC Markets Downloads Area

In the downloads area, there will be a section for each platform and that’s where you’ll be able to find the “Webtrader” option for each platform. In our views of how platforms or websites should be, we believe that “Downloading” something means taking it off the internet into your computer or device.

Accessing a WebTrader is not at all a download.

We’re definitely advising IC Markets to design a better client area experience to ensure that new traders don’t get lost when trying to perform simple actions like accessing a platform.

IC Markets Account Types

Asides from the traditional Standard and Professional accounts offered to European traders due to ESMA’s legislation, IC Markets offers the following account types:

Standard Raw spread
Average EUR/USD Spread of 0.6 Pips Spreads from 0.0 Pips (Interbank pricing)
No Commissions Commissions starting from $7 per Lot round turn

When it comes to account types, IC Markets has a decent offer to distinguish between average and high volume traders.

Traders that require to execute big positions or scalping are definitely well served with IC Markets Raw Spread account, as the spread cost reduces to a minimum and they only pay in-and-out fixed commissions.

IC Markets Trading Fees

IC Markets charges spreads (difference between buy and sell prices), overnight fees (the cost of maintaining open a leveraged position more than a day).

Spreads

IC Markets spreads can vary depending on the account type you have. For the sake of this comparison, we’re basing ourselves in the standard account which has no commission against similar choices from competitors.

  IC Markets Pepperstone Capital.com
EUR/USD Spread 0.6 Pips 0.6 Pips 0.8 Pips
SP500 Index From 20 to 45 Pips From 50 Pips From 70 Pips
GOLD From 30 Pips From 30 Pips From 55 Pips

As you can see, when it comes to currency spreads, IC Markets is a great choice and lives up to the industry standards set by similar brokers.

It’s very important to note that IC Markets is definitely a great choice for currency, commodities and indices traders but when it comes to other asset classes, there are more competitive choices out there.

Commissions & Fees

Brokers like IC Markets or Pepperstone have special account types where spreads can be close to 0 most of the time and for that benefit, they charge a commission per lot round turn, which is basically a sophisticated way to say: “in-and-out commission”.

Let’s compare IC Markets against other similar choices:

  IC Markets Pepperstone Capital.com
Commission On their RAW spreads account, $7 per lot round turn On their Razor account, from $7 per lot round turn $0

IC Markets is definitely at the same level as its competitors when it comes to low spread accounts with commission which are definitely a great choice for high volume traders.

IC Markets Available Assets

IC Markets has a moderately competitive asset offering when compared to similar brokers. Let’s take a look at what they offer:

Asset IC Markets Pepperstone Capital.com
Stocks 1600 + 1300+ 3800 +
Currency Pairs 61 60 140
Commodities 22 31 33
Indices 25 28 37
ETFs N/A 100 115
Cryptocurrencies 18 20 27
Bonds 11 N/A N/A
Options N/A N/A N/A
Futures 4 N/A N/A

As you can see from the table above, IC Markets set themselves as a decent overall alternative when it comes to asset offering yet there are some very important points to take into consideration when trading assets other than forex, indices and commodities:

IC Markets charges a $22 monthly data subscription per user to get the data feed for ASX (Australian Stock Exchange) shares and a $7 AUD roundtrip commission (in-and-out) on each trade.

When compared to any of its competitors, it’s expensive.

When it comes to stock trading, there are better choices out there, but when it comes to Currencies, Commodities and Indices, IC Markets is definitely one of the leading brokers.

IC Markets Trading Platforms

IC Markets is a multi-platform broker that offers MetaTrader and cTrader as its main choices. Both platforms are created by independent companies so we’re not going to review them as a proprietary creation of IC Markets but rather just point out a few benefits of them. 

IC Markets MetaTrader 4 & 5

IC Markets offers both MetaTrader 4 and 5 in the following formats:

IC Markets MetaTrader Web

Clearly any trader familiar with MetaTrader will find IC Markets' proposal very convenient.

IC Markets cTrader

IC Markets offers cTrader in the following formats:

IC Markets cTrader Web

In terms of functionality and convenience, we definitely find cTrader a more appealing platform than MetaTrader but ultimately, it boils down to each trader’s choice.

Something very important to point out is that IC Markets also offers its own separate app for client management activities (both on Android and IOS).

Additional Platforms

IC Markets partnered with other third party platforms to offer a few different services to its customers. Here is the list:

Both services provide interesting workarounds for social trading and copy trading, which means that new traders can simply copy the trading activity from other more experienced traders into their MetaTrader platforms.

Nowadays, copy trading became a popular thing thanks to brokers like eToro which took it mainstream through a fully integrated solution built on their platform but still, when it comes to accurateness of data, services like MyFXBookAutotrade definitely present a very appealing offer as users still retain control of their platforms by having a clear separation between:

IC Markets Research and Analysis Tools

IC Markets has a very little to offer when it comes to proprietary research and analysis tools. After a thorough look, we were only able to find the following:

The market analysis blog is a well-styled page with a daily outlook of the markets mostly basing themselves on the most popular currency pairs. Their analysis mostly consists of detecting key support and resistance levels for each asset with a chart and a brief description on each asset.

Asides from the elements mentioned above, IC Markets being a MetaTrader and cTrader broker, offers the possibility to integrate additional tools to the platforms such as:

In the end, the above possibilities are something to thank the platform creators for as they had a vision of allowing people to develop their own tools and deploy them with ease for any user.

IC Markets Educational Tools

When it comes to education, IC Markets offers the following:

After carefully reviewing IC Markets educational tools, we found the most interesting to be the podcast and the webinars as they provide valuable and interesting up-to-date information. All the other tools were not useful at all as there are much better free resources out there on youtube.

Verdict

Overall, IC Markets is a great MetaTrader and cTrader broker. They did an outstanding job in crafting competitive account offers to distinguish low volume and high volume traders with their RAW Spreads account.

IC Markets main highlights are:

On the negative side, IC Markets' client area needs improvement as its not intuitive and easy to use, they charge high commissions for stock trading and their regulatory framework can definitely be improved.

IC Markets is a great choice for advanced Forex traders looking to benefit from their RAW spreads account offering.

Author

Stefano Treviso

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Available Assets

Stocks
Currencies
Cryptocurrencies
Commodities
ETFs
CFDs
Indices

Minimum Deposit

$, €, £ - 20

Regulators

Cyprus Securities and Exchange Commission
Financial Conduct Authority
Australian Securities and Investments Commission
National Bank of the Republic of Belarus

Payment Methods

Visa
Mastercard
Bank Transfer
Sofort
Neteller
Paypal
Apple Pay
Skrill
iDeal

Top Features

  • Customisable leverage for each asset class
  • Integrated with TradingView platform
  • User friendly web and mobile platform

68% of retail CFD accounts lose money

Available Assets

Stocks
Cryptos
Commodities
Currencies
ETFs
Indices
CFDs

Minimum Deposit

$50 up to 200

Regulators

Cyprus Securities and Exchange Commission
Financial Conduct Authority
Australian Securities and Investments Commission
Financial Services Authority Seychelles

Payment Methods

Visa
Mastercard
Bank Transfer
Sofort
Neteller
Paypal
Skrill

Top Features

  • Buy real shares without leverage
  • Social and copy trading platform
  • More than 12 million users

74-89% of retail CFD accounts lose money

Available Assets

Stocks
Cryptos
Commodities
Currencies
ETFs
Indices
CFDs

Minimum Deposit

$200

Regulators

BaFin (German Federal Financial Supervisory Authority)
Financial Conduct Authority
Australian Securities and Investments Commission
ADGM Financial Services Regulatory Authority
Cyprus Securities and Exchange Commission
Securities Commission of the Bahamas
Capital Markets Authority of Kenya

Payment Methods

Visa
Mastercard
Bank Transfer
Neteller
Paypal
Skrill

Top Features

  • Well regulated on several jurisdictions
  • Low latency, fast execution under 30ms
  • Competitive spreads and low commissions from 0.0 pips their Razor account

72% of retail CFD accounts lose money

Available Assets

Stocks
Currencies
Cryptos
Commodities
ETFs
CFDs
Indices
Options

Minimum Deposit

$, €, £ - 100

Regulators

Cyprus Securities and Exchange Commission
Monetary Authority of Singapore
Financial Conduct Authority
Australian Securities and Investments Commission

Payment Methods

Visa
Mastercard
Bank Transfer
Paypal
Skrill

Top Features

  • Publicly traded company on LSE
  • CFDs on American Options offered
  • Easy to access live chat support

77% of retail CFD accounts lose money

Available Assets

Stocks
Cryptos
Commodities
Currencies
ETFs
Indices
CFDs

Minimum Deposit

$, €, £ - 0

Regulators

Cyprus Securities and Exchange Commission
Financial Conduct Authority
Polish Financial Supervision Authority
National Securities Market Commission (Spain)

Payment Methods

Visa
Mastercard
Bank Transfer
Sofort
Neteller
Paypal
Skrill

Top Features

  • Low Forex Spreads
  • Advanced platform with customisable spaces
  • Publicly traded company in WSE

Your Capital is at risk

Available Assets

Stocks
Currencies
Commodities
Indices
Cryptos
CFDs

Minimum Deposit

$100

Regulators

Australian Securities and Investments Commission
Securities Commission of the Bahamas

Payment Methods

Visa
Mastercard
Bank Transfer
Neteller
Paypal
Skrill
DragonPay
USDT (Tether)

Top Features

  • Allows deposits with cryptocurrency USDT (Tether)
  • Up to 1:500 leverage for experienced traders
  • Free Forex VPS (Virtual private server) to run your MetaTrader setup

74-89% of retail CFD accounts lose money

Available Assets

Currencies
Commodities
Indices
Cryptos
CFDs

Minimum Deposit

$, €, £, - 0.

Regulators

Financial Conduct Authority
Australian Securities and Investments Commission
Monetary Authority of Singapore
Investment Industry Regulatory Organization of Canada
Financial Futures Association of Japan

Payment Methods

Visa
Mastercard
Bank Transfer
Paypal

Top Features

  • High trustworthiness, regulated by the best regulators in the world
  • Fast, simple and professional trading platforms
  • Competitive spreads in their currency pairs

73.59% of retail CFD accounts lose money

Available Assets

Stocks
Cryptos
Commodities
Currencies
Indices
CFDs

Minimum Deposit

$200

Regulators

Cyprus Securities and Exchange Commission
Australian Securities and Investments Commission
Financial Services Authority Seychelles

Payment Methods

Visa
Mastercard
Bank Transfer
Bitcoin
Sofort
Neteller
Paypal
Skrill

Top Features

  • Customisable leverage per asset before opening trades
  • Interbank rates and low commissions
  • Great platform variety

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73.59% of retail CFD accounts lose money